The main item of business in feedlot country on Monday is the distribution of the new show lists. The cattle trade went into the evening hours on Friday. Southern business was only light to moderate with deals marked at 124.00, 2.00 lower than the previous week. Moderate trade was reported in the North with the dressed traded at 199.00 to 200.00, 2.00 to 3.00 lower than the previous week. Packers may find themselves starting out the week very close to the knife, So far today, bids and asking prices have yet to be established.
Boxed beef cutout values are lower in the morning report with the choice down .92 at 183.21, and select is .52 lower at 178.70.
Feeder cattle receipts at the Joplin Regional Stockyards on Monday totaled 6500 head. Compared to last week, steer and heifer calves opened 1.00 to 5.00 higher, yearlings were not well tested early, a few early sales were steady. Demand was good and supply was moderate. Feeder steers medium and large 1 weighing 500 to 600 lbs traded from 169.00 to 179.00. 5 to 6 weight heifers brought 148.00 to 163.00.
Barrows and gilts in the Iowa/Minnesota direct trade are not reported due to confidentiality; nationally the market is 3.71 lower at 80.00 weighted averages on a carcass basis. The Western direct trade is down .58 at 84.49, in the East the market is 1.97 lower at 79.67. Missouri direct base carcass meat price is steady to 1.00 lower from 80.00 to 81.00. Terminal hogs are steady to 1.00 lower from 58.00 to 61.00 live.
The National Average hog price last week averaged close to 99% of the pork cutout value. Pork processing margins are extremely tight and packers should be forced to significantly cut their chain speed this week.
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